NextEra Energy Partners (NYSE:NEP) Downgraded by Wolfe Research to “Peer Perform”

Wolfe Research lowered shares of NextEra Energy Partners (NYSE:NEP) from an outperform rating to a peer perform rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports.

A number of other brokerages have also recently issued reports on NEP. Royal Bank of Canada cut shares of NextEra Energy Partners from an outperform rating to a sector perform rating and lowered their target price for the company from $38.00 to $30.00 in a report on Monday, July 1st. BMO Capital Markets dropped their price objective on NextEra Energy Partners from $32.00 to $28.00 and set an outperform rating on the stock in a report on Monday. Barclays cut NextEra Energy Partners from an equal weight rating to an underweight rating and decreased their price target for the company from $32.00 to $25.00 in a research report on Thursday, June 13th. Mizuho cut shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price objective for the company. in a research note on Wednesday, June 12th. Finally, Raymond James cut shares of NextEra Energy Partners from an outperform rating to a market perform rating in a research note on Tuesday, July 9th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, NextEra Energy Partners currently has an average rating of Hold and a consensus price target of $36.93.

NextEra Energy Partners Stock Down 5.7 %

NEP stock opened at $25.92 on Thursday. The stock has a fifty day moving average of $29.75 and a 200-day moving average of $29.11. NextEra Energy Partners has a fifty-two week low of $20.17 and a fifty-two week high of $57.29. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 8.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36.

NextEra Energy Partners (NYSE:NEP) last issued its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. During the same quarter last year, the business earned $0.53 earnings per share. The company’s quarterly revenue was up 22.9% on a year-over-year basis. As a group, equities research analysts predict that NextEra Energy Partners will post 1.85 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th will be paid a dividend of $0.905 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $3.62 annualized dividend and a yield of 13.97%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.89. NextEra Energy Partners’s payout ratio is 117.05%.

Hedge Funds Weigh In On NextEra Energy Partners

Several institutional investors have recently modified their holdings of NEP. Clearbridge Investments LLC bought a new stake in shares of NextEra Energy Partners in the 4th quarter worth approximately $6,818,000. Benjamin F. Edwards & Company Inc. boosted its holdings in NextEra Energy Partners by 13.2% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 9,720 shares of the solar energy provider’s stock valued at $296,000 after acquiring an additional 1,130 shares during the period. Otter Creek Advisors LLC bought a new position in NextEra Energy Partners during the 4th quarter worth approximately $3,061,000. Caxton Associates LP purchased a new position in NextEra Energy Partners in the 4th quarter worth approximately $1,509,000. Finally, Vanguard Group Inc. lifted its position in NextEra Energy Partners by 3.9% in the third quarter. Vanguard Group Inc. now owns 619,780 shares of the solar energy provider’s stock valued at $18,407,000 after purchasing an additional 23,008 shares during the last quarter. 66.01% of the stock is currently owned by institutional investors.

NextEra Energy Partners Company Profile

NextEra Energy Partners, LP acquires, owns, and manages contracted clean energy projects in the United States. It owns a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The company owns contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is based in Juno Beach, Florida.